How payout annuities are different

Payout annuities vs registered retirement income funds (RRIFs) vs life income funds (LIFs).

	Payout Annuity	RRIF	LIF
What it’s for	Turn savings (from any source) into regular income.	Turn RRSP savings into flexible income.	Turn locked-in pension savings into flexible income.
How savings are affected by markets	Not affected. No risk of loss.	Savings affected by market ups and downs.	Savings affected by market ups and downs.
How income works	You get regular payments, guaranteed.	You withdraw a minimum amount each year.	You withdraw an amount within a set minimum and maximum.
How long income is guaranteed	Guaranteed for a set term or a lifetime.	No guarantee. However, you can adjust your income as needs change.	No guarantee. However, you can adjust your income as needs change.